As the crypto market witnessed a notable surge in the last week, all eyes are on the two giants of the digital currency market – Bitcoin and Ethereum. Both BTC and ETH prices witnessed a stable momentum below their crucial resistance levels, creating mixed reactions among traders. The question on everyone’s mind is whether these two cryptocurrencies will be able to break through the much-anticipated resistance levels of $32,000 and $2,000, respectively, next week.
What’s Waiting For BTC And ETH Prices Next Week?
Bitcoin experienced a surge of over 18% across seven consecutive sessions, effectively halting the consistent downward trend that had been prevalent since its mid-April peak above $30,000.
Despite the negative news of the SEC’s stringent actions against Binance and Coinbase, the continued interest from institutional investors appears to have counterbalanced these effects. Consequently, bullish traders persist in dominating BTC shorts.
On the other hand, Ethereum flashed an intense recovery trend in the last five days as the price accelerated from its consolidation range. With Ethereum’s price currently hovering around the $1.9K mark, whale investors are speculating about the potential price trajectory for the upcoming week.
Bitcoin (BTC) Price Analysis
Bitcoin is encountering a barrier at the $31,000 mark, yet the bullish traders have not surrendered to the bearish ones, increasing the likelihood of surpassing the $31,000 threshold in the next week. Currently, BTC price trades at $30,697, with an uptick of 0.15% in the last 24 hours.
With slight bearish candles on the daily price chart, sellers are gaining confidence; however, bulls continue to induce buying pressure to hold the current uptrend. Investors will once again strive to maintain the price above $31,500 next week. If successful, the BTC price could initially ascend to $32,441 before making a run for the next significant resistance level at $40,000.
The 20-day EMA at $28,189 is on an upward trend, and the relative strength index (RSI) is in the overbought territory, suggesting that the bulls are dominating. This perspective will be invalidated in the short term if the price drops below $29,000. In that case, the price could enter a range-bound phase between $30,000 and $25,500.
Ethereum (ETH) Price Analysis
Ether is making an effort to continue its upward trend. Bulls managed to drive the price beyond the overhead resistance of $1,936 but were unable to maintain these higher levels. As of writing, Ethereum trades at $1,919, surging over 1.6% from yesterday’s price.
The bulls capitalized on the intraday lows and have once again propelled the price towards the critical monthly resistance. If this level is surpassed, it would indicate that buyers are being drawn to the lower levels. This could potentially increase the likelihood of a surge to $2,000 next week and subsequently to $2,150.
However, if the price takes a downturn and falls below its current 38.6% Fib channel to the moving averages, it would imply that bears are capitalizing on rallies near $2,000. Under these circumstances, the ETH price could reach a dip near $1,750-$1,800.